Ascot, Antares Capital Launch $500M Bermuda Reinsurance Sidecar

Ascot Group, a global specialty re/insurance company, has partnered with alternative credit manager Antares Capital to launch Wayfare Reinsurance, a Bermuda-based reinsurance sidecar capitalized at approximately $500 million. This new entity will provide Ascot with dedicated underwriting capacity to support its casualty offerings in the U.S. and Bermuda markets, while Antares will serve as the exclusive private credit asset manager, managing assets through its direct lending strategy focused on senior secured loans to middle market U.S. companies. The partnership reflects a growing trend of capital markets firms collaborating with underwriting organizations to enhance capital resilience and drive stakeholder value. Ascot’s leadership highlighted the strategic importance of expanding third-party capital in longer-tail casualty lines to optimize risk-adjusted investment returns. Legal and financial advisory roles were filled by Aon Securities, Willkie Farr & Gallagher LLP, Appleby, and Debevoise & Plimpton LLP. The collaboration underscores an ongoing convergence between private credit investors and the insurance sector to meet demand for alternative financing solutions.